Bitcoin ETFs noted consistent outflows throughout the week, totaling over $730 million. BTC supply on exchanges is down 27% in the past six months, despite consistent profit taking by Bitcoin holders. At the current price, nearly 82% Bitcoin holders are profitable, likely to realize gains and increase selling pressure on BTC. Bitcoin ETFs noted over $730 million in outflows in one week. Bitcoin price dipped nearly 3% in the past seven days on Binance.
30-day net inflow of Bitcoin ETFs by SpotOnChain Bitcoin on-chain metrics show BTC is resilient despite profit taking Santiment, a crypto intelligence tracker, shows that Bitcoin supply on exchanges has declined by 27% in the past six months, between January 22 and June 22, 2024. Typically, reduced volume of the asset on exchanges is bullish as it reduces the selling pressure.
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